InfoAnda - 'Modest' Japanese CEOs escape public ire

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Thousands evacuated as Typhoon Megi nears China | 21 October 2010
Dutch PM accepts some of Iraq report criticism | 14 January 2010
"Harry Potter" still king of the world | 29 November 2010

America's Cup showcases latest sailing technology | 14 February 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : 'Modest' Japanese CEOs escape public ire

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: 'Modest' Japanese CEOs escape public ire AFP - Sunday, March 22 TOKYO (AFP) - - While US bosses are under fire for "fat-cat" bonuses, Japanese executives have largely avoided a row over corporate greed by cutting their own pay or even working for free during the economic crisis. ADVERTISEMENT When US auto bosses were being lambasted recently for flying to Washington in private jets to plead for government aid, the head of Japan Airlines (JAL), Asia's biggest carrier, was taking the bus to work with regular commuters. JAL president Haruka Nishimatsu cut his own pay and even lines up with other employees for lunch in the company cafeteria. At Japanese computer chip maker Elpida Memory, group president Yukio Sakamoto voluntarily went without a salary for two months last year to help turn around the group's poor performance. He is not the only one making sacrifices. According to a survey by the Nikkei business daily, the heads of more than 200 listed Japanese firms have cut their own pay since last April. Toyota Motor, the world's biggest automaker, has scrapped executive bonuses this year. Even before the recession began, Japanese bosses' salaries were relatively modest compared with their US peers. "Japan's CEO compensation is much lower compared to the United States," said Professor Hideaki Miyajima, a corporate governance expert at Waseda University. The main reason is that a Japanese boss is a kind of a "representative of the employees" and will have typically joined the firm as a graduate and competed with colleagues for promotion. In this kind of situation it is hard to pay the company head significantly more than colleagues of a similar age, he said. In fact, a chief executive in the United States earns about four times as much as a Japanese CEO, according to a survey by the human resources firm Towers Perrin published in 2006. Of course, most Japanese executives are still whisked to the office in chauffeur-driven cars, but in general they do not flaunt their wealth and bosses are often quick to step down when things start to go wrong. Indeed, the presidents of companies including Toyota, Sony, Toshiba, Honda and Hitachi have all recently bowed out -- in many cases to make way for a younger generation of leaders to lead the firms through the economic downturn. The humble approach in Japan, where it is common to see bosses bowing in apology in front of the news cameras, has helped executives here to avoid the kind of backlash seen in the United States over corporate excess. The woes of once-mighty US companies have prompted debate in Japan over whether firms should put the brakes on a slow shift towards Western-style practices, such as performance-related pay. "Japanese corporate culture is in a bit of an identity crisis at the moment," said Professor Noriko Hama at Doshisha Business School in Kyoto. "I think there is a lot of soul-searching about the way companies were headed before this crisis hit. A lot of Japanese executives were saying, 'We need to get away from the old Japanese way of doing things.' That's really starting to change again but nobody really knows where to go from here." Experts say that the row in the United States over the multimillion-dollar bonuses paid out by insurance giant AIG after being bailed out by Washington is likely to make Japanese firms remain wary about linking pay to performance. One prominent US Senator even suggested that top AIG executives ought to quit or commit suicide, which he described as the Japanese model of honourably taking responsibility. Japan has not had to save its banks or automakers from collapse during the current downturn, but companies including Toyota and Honda have said they may apply for government loans because of difficulties raising credit. And while they have avoided a row over their pay, Japanese companies have angered workers with a wave of layoffs. Firms including Toyota, Sony and Canon were all quick to slash jobs when the recession began. "People do feel that the corporate leadership has become very disloyal to the workers. It is that aspect that they find the most unforgivable," said Hama. Japanese companies "had a lot of surplus cash that they chose to keep and to get rid of people. The workers saw that as a betrayal." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australia PM urges greater say for China in IMFAFP - 1 hour 32 minutes ago 'Virtually impossible' for Aus economy to grow: PMAFP - 2 hours 22 minutes ago 'Modest' Japanese CEOs escape public ireAFP - Sunday, March 22 China sees stimulus package bringing growthAFP - Sunday, March 22 Related Articles: Business Australia PM urges greater say for China in IMFAFP - 1 hour 32 minutes ago Bank Muscat sold 81 pct of stake in India's HDFCReuters - 1 hour 43 minutes ago Report: Nissan planning luxury hybrid in 2010AP - 2 hours 1 minute ago 'Virtually impossible' for Aus economy to grow: PMAFP - 2 hours 22 minutes ago Childrens' Investment Fund sells Indian state bank holdingsReuters - 2 hours 53 minutes ago Enlarge Photo 'Modest' Japanese CEOs escape public ire Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Madoff loses bail appeal as victims' rage revealed Obama budget deficit could hit 1.845 trln dlrs Actress Natasha Richardson dies after ski accident Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Sunday, 22 March 2009
Armed clashes kill 21 in Russia's Dagestan | International |
Israel breaks up Arab capital events in Jerusalem | International |
Obama's Afghan task 'tougher' than Iraq
Protesters march by Pentagon, call to end Iraq war
For tourists, seeing Iraq one checkpoint at a time
Israel marks soldier's 1,000th day in captivity
Obama defends Geithner, budget
U.S. hands almost all Sunni guards to Iraqi control
Prince Charles blue over green crusade
Chavez trims budget, adds debt to counter crisis | International |
Afghans mark New Year amid bloodshed
Opel boss hints at closing German plants
11 dead as blasts mar Afghan New Year
Prince Charles blue over green crusade
2 US Navy vessels that collided arrives Bahrain
Canadian kidnapped in Darfur back home
Suspected drug cartel hitman arrested in Mexico
Danish premier hot tip for new NATO chief
Slovak presidential election goes to second round
Thousands march against mafia in Naples
Germany in mourning for victims of school massacre
EU rebuff Russian calls for new security structure
Harrison Ford proposes to girlfriend: report | Entertainment |
Province supplying Beijing water drying up: state
Mugabe's wife beats assault charges in Hong Kong
Depeche Mode prepares for Tour of the Universe | Entertainment |
Philippines, Red Cross clash over hostage release
Fire guts residence of former Japan PM Yoshida
Thai PM rules out cabinet shake-up
Pakistan's top judge back at work after protests
Harrison Ford proposes to girlfriend: report
Pakistan's chief justice reinstated
Tribune sues Warren Beatty over Dick Tracy rights
China quake school toll stirs grim findings and anger
Report: Nissan planning luxury hybrid in 2010
Fire destroys former Japan prime minister's home
'Modest' Japanese CEOs escape public ire
Malaysia's next PM calls for 'massive' change
1 million unemployed expected in Thailand
China sees stimulus package bringing growth
China horseman eyes Bejing to London ride
Minister: Japan needs aggressive public spending
Germany: no sex please we're in recession
SKorea, EU eye conclusion of free trade talks
Harrison Ford proposes to girlfriend: report
China wants to restructure auto industry
Couture's well-kept secret
Berkeley students dominate college TV awards
Nominees for the third Asian Film Awards
Korean Western top contender at Asian Film Awards
British singer Natasha Bedingfield weds in Malibu
Desperate tent city revival for America's homeless
Rachael Ray hosts SXSW party, Hold Steady headline
Turkey could block Rasmussen at NATO
Netanyahu seeks to reassure Egypt over FM pick
Sudan scholars tell president to drop Qatar trip
Lethal air pollution booms in emerging nations
Wife of founder of Iran's Islamic republic dies
Iran sets terms for U.S. ties | International |
Military hangs `Help Wanted' sign in Afghanistan
Pakistan's deposed judge resumes office | International |
Hamas leader welcomes Obama's "new language"
U.S. military, Afghan police dispute deaths in raid | International |
Poland hopes U.S. will not let it down on shield | International |
Hamas leader welcomes Obama's new language: report | International |
Chinese detain Tibetan monks after riot | International |
Pope, in Angola, recalls youths killed in stampede | International |
Israel says car bomb defused at shopping mall | International |
Sudan scholars tell president to drop Qatar trip | International |
Wen urges innovation to fight crisis: state media
'Tug-of-love' pair not in Russia: diplomat
Slovakia's president poll heads for second round
China arrests Tibetan monks after attack on police
British reality TV star Jade Goody dies of cancer | Entertainment |
Tibetan monks held after China police attacked
Chinese detain Tibetan monks after riot
Bomb near Philippine market injures at least 7
Iraqi PM says shoe-thrower had fair trial
Bikers brawl through Australian airport; 1 dead
Pakistan's deposed judge resumes office
India's Tata Motors to launch ultra-cheap Nano car
Pakistan reinstates chief justice
Jackie Chan lends star power to hometown festival
Man killed as bikers brawl in Australian airport
Natasha Richardson to be buried near upstate home
US-ENTERTAINMENT Summary
British reality TV star Jade Goody dead
South By Kanye West? Rapper plays SXSW
Reality TV star Jade Goody dies after cancer fight
`Hillary: The Movie,' now showing at Supreme Court
British reality TV star Jade Goody dies of cancer
Can't decide which handbag to buy? Rent it first
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01